Posted: 16th September 2022

Sales Process - What Happens After a Sale Has Been Agreed?

Moving home can be a nerve-wracking process; considering the average mover may not have moved before, or took the plunge over 20 years ago, it’s no surprise that feeling stressed and confused by the sales process is common.

To help ease your moving journey, we’ve detailed the main steps in the sales process, from a sale being agreed to the point of exchange.

The process starts once the purchasers’ funds are verified, ensuring they are in a position to proceed with the sale. It’s then time for the vendor and purchaser to instruct their solicitors to handle the legal side of the property sale, and for the purchasers to pay their solicitors for any searches being requested on the property.

If the purchasers are obtaining a mortgage, their lender will usually arrange for a surveyor to carry out a valuation of the property and possibly, if requested by the purchasers, a more detailed inspection. In certain circumstances, the purchaser may arrange for an independent full structural survey.

The vendor’s solicitor will prepare a draft contract to send to the purchaser’s solicitors, and the purchaser’s searches will be ordered. Once the purchaser’s mortgage offer has been received and the searches have returned, initial enquiries are then raised relating to items such as fixtures and fittings, boundaries, etc. Having received the draft contract and the answers to the initial enquiries, the purchaser’s solicitors will ascertain whether there are any further questions they need to ask.

Once all enquiries are answered, the contract will then be sent for signing by both the vendors and the purchasers. The solicitors will liaise with their clients to find a mutually agreeable completion date, which is then inserted into the contract to become a legally binding date for the final move. Contracts are then formally exchanged between solicitors committing both parties to complete on the date set. When completion takes place the purchaser’s solicitor hands the balance of the purchase price to the vendor’s solicitor in return for the title deeds and keys, and the purchase is complete!

If you have any questions regarding the sales process, contact us to speak to one of our award-winning team!

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